Offset cost are expected to rise
Energy firms face rising offset cost burden – PWC
Spending on voluntary offsets by UK companies could equate to 8.5pc of 2022 gross profits by 2050, consultancy says
Spending on voluntary carbon offsets in 2050 by FTSE 350 energy companies in the UK could account for up to 8.5pc of their 2022 gross profits, potentially constraining investment in low-carbon technology and dividend payments to shareholders, according to consultancy PWC. Energy companies in the FTSE 350 spent £27mn ($33.6mn) on voluntary offsets in 2022, the most of any sector, PWC says. This could rise to £93–299mn by 2030 and then increase further to between £249mn and a peak of £1.8bn in 2050, according to analysis based on data from global not-for-profit disclosure system CDP and future price scenarios by research firm BloombergNEF. £1.8bn – Potential energy sector spend on o
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
